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Washington Mortgage Rates: Washington Mortgage Rates Remain Low After Favorable Reports

By: Rosemary Rugnetta | January 20th, 2011

January 20, 2011 (FreeRateUpdate.com) – Washington mortgage rates continue to remain low after favorable reports that existing home sales have increased and jobless claims were down.

Mortgage rates for Washington 30 year fixed rate mortgages are at 4.625% and 4.000% for 15 year fixed rate mortgages. Washington adjustable rate mortgages are still at 3.125%. These are the low Washington mortgage rates available with 0.7 to 1% origination point to borrowers who have maintained good credit and can meet approval guidelines.

Washington FHA mortgage rates are still below 5% with Washington FHA 30 year fixed rate mortgages at 4.500% and Washington FHA 15 year fixed rate mortgages at 4.000%. Washington FHA 5/1 adjustable rate mortgages remain at 3.000%. Borrowers who opt for Washington FHA mortgage loans must pay higher FHA closing costs (APR) due to various FHA fees and the upfront mortgage insurance premium charged at closing.
Washington Mortgage Rates: Washington Mortgage Rates Remain Low After Favorable Reports
Current Washington jumbo mortgage loans have also remained steady. Washington 30 year fixed jumbo mortgage loans are at 5.125% and Washington 15 year fixed jumbo mortgage loans are at 4.750%. Washington jumbo 5/1 adjustable rate mortgages remain below 4% at 3.875%. Washington borrowers often use Washington jumbo mortgage loans for financing in excess of current conforming loan limits which is $729,250 in higher cost areas.

Mortgage rates are driven by MBS prices (mortgage backed securities) which move in the opposite direction. Today’s favorable economic news caused a stir with investors which caused MBS to go down -11/32.

With the increase in existing home sales and reduction in jobless claims, Washington’s economy is beginning to grow again. Combined with low Washington mortgage loan rates, it is the perfect time for home purchases and refinances while Washington mortgage rates remain low.

FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard .07 to 1 point origination.

Click here for current Washington mortgage rates


Latest HARP Mortgage News April 24th, 2014